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Interim Financial Statements9 Months 2008

NIREUS AQUACULTURE SA

Nireus Aquaculture SA

NIREUS AQUACULTURE S.A.

COMPANY’S REGISTER No. 16399/06/B/88/18

NINE-MONTH PERIOD FINANCIAL REPORT

Period

From 1st January to 30th September 2008

In Accordance with the International Financial Reporting Standards (IAS 34)

NIREUS AQUACULTURE S.A

Interim financial statements of the Group and the parent company for the nine-month period from 1st January to 30th September 2008

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CONTENTS

1. Interim Balance Sheet .........................................................................................................................................3 2. Interim Income statement ...................................................................................................................................4 3. Interim Statement of Changes in Equity ...............................................................................................................5 3.1. Consolidated Interim Statement of Changes in Equity.........................................................................................5 3.2. Interim Statement of Change in Equity of the Parent Company ...........................................................................6 4. Interim Cash Flow Statement...............................................................................................................................7 5. Notes on the Interim Financial Statements............................................................................................................8 5.1 General Information ..........................................................................................................................................8 5.2 Nature of operations..........................................................................................................................................8 5.3 Main developments ...........................................................................................................................................8 5.4. Basis of preparation of the financial statements ...............................................................................................12 5.5 New accounting standards and interpretations ..................................................................................................14 5.6 Seasonality .....................................................................................................................................................14 5.7 Structure of “NIREUS AQUACULATURE S.A” group of companies........................................................................15 5.8. Segmental information ...................................................................................................................................16 5.9 Dividend distribution........................................................................................................................................17 5.10 Property Plant and Equipment ........................................................................................................................17 5.11 Goodwill........................................................................................................................................................18 5.12 Intangible assets ...........................................................................................................................................21 5.13 Investments in subsidiaries ............................................................................................................................22 5.14 Investments in associates ..............................................................................................................................22 5.15 Non Current Assets classified as held for sale ..................................................................................................24 5.16 Biological assets ............................................................................................................................................24 5.17 Derivative Financial Instruments.....................................................................................................................25 5.18 Time Deposits ...............................................................................................................................................26 5.19 Equity...........................................................................................................................................................26 5.20 Borrowings....................................................................................................................................................28 5.21 Sale of non-biological assets-goods and other material ....................................................................................28 5.22 Other expenses .............................................................................................................................................29 5.23 Financial results ............................................................................................................................................29 5.24 Other income/(expenses)...............................................................................................................................30 5.25 Earnings per share ........................................................................................................................................30 5.26 Contingent Assets, Contingent Liabilities and un-audited fiscal years by the tax authorities ................................31 5.27 Assets pledged as Security .............................................................................................................................32 5.28 Related parties ..............................................................................................................................................33 5.29 Number of employed personnel......................................................................................................................35 5.30 Subsequent events ........................................................................................................................................35



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1. Interim Balance Sheet As at September 30th, 2008 and December 31st, 2007

(Amounts in euro)

30/9/2008 31/12/2007 30/9/2008 31/12/2007ASSETS NoteNon-current assetsProperty, plant and equipment 5.10 69.517.254 66.813.786 54.598.797 42.452.540 Investment property 5.373.142 5.373.142 2.141.600 2.141.600 Goodwill 5.11 29.175.160 26.655.662 19.208.787 9.719.551 Intangible assets 5.12 14.959.707 14.578.101 2.063.800 483.716 Investments in subsidiaries 5.13 401.920 401.920 32.436.363 33.302.064 Investments in associates 5.14 36.763.506 37.601.397 35.568.697 35.581.656 Deferred income tax assets 74.848 75.559 - - Available-for-sale financial assets 5.15 1.897.549 1.929.831 16.674 48.955 Other long-term receivables 250.940 244.382 155.850 119.053 Biological assets 5.16 87.817.151 67.458.708 74.573.471 55.158.250

246.231.177 221.132.488 220.764.039 179.007.385Current assetsBiological assets 5.16 133.925.879 123.581.503 101.627.036 94.354.315 Inventories 16.358.948 13.840.329 11.665.600 8.249.905 Trade and other receivables 60.803.852 93.706.828 74.443.818 66.664.550 Other receivables 17.489.997 23.650.100 22.048.714 23.776.301 Other current assets 1.233.464 1.609.079 661.894 1.089.242 Derivative financial instruments 5.17 421.568 265.859 306.761 15.530 Financial assets at fair value through profit or loss 655 1.166 655 1.166 Time deposits 5.18 8.900.000 - 8.900.000 -Cash and cash equivalents 29.280.466 51.904.527 28.256.356 37.522.104

268.414.829 308.559.391 247.910.834 231.673.113

Total Assets 514.646.006 529.691.879 468.674.873 410.680.498

EQUITY & LIABILITIESEquityShare capital 5.19 84.923.362 78.326.015 84.923.362 78.326.015 Less Treasury shares 5.19 (47.271) - (47.271) Share premium account 5.19 36.203.214 47.797.637 36.203.214 47.797.637 Fair value reserves 5.19 9.574.472 9.672.049 8.500.933 8.500.933 Currency translation differences (16.038) 61.751 - - Other reserves 5.19 8.315.320 6.078.088 8.284.601 5.973.248 Retained earnings 25.177.894 11.240.920 34.126.208 17.601.368 Capital and reserves attributable to Equity holders of the Company 164.130.953 153.176.460 171.991.047 158.199.201Minority interest 6.098.619 22.947.277 - - Total Equity 170.229.572 176.123.737 171.991.047 158.199.201

Non-current liabilitiesLong-term borrowings 5.20 189.104.175 129.357.321 162.598.505 74.325.478 Deferred income tax liabilities 10.821.851 8.190.054 9.355.248 6.342.620 Retirement benefit obligations 2.942.462 2.655.038 2.355.127 1.990.487 Government grants 6.662.760 6.666.581 5.893.713 4.812.059 Other non-current liabilities 4.541.873 4.676.605 - - Total non-current liabilities 214.073.121 151.545.599 180.202.593 87.470.644

Current liabilitiesTrade & other payables 61.074.102 85.691.278 50.447.061 73.668.098 Short-term borrowings 5.20 52.272.380 85.875.256 52.272.380 67.629.959 Deferred payables 5.20 4.346.940 13.886.535 573.801 10.597.456 Other current liabilities 12.649.891 16.569.474 13.187.991 13.115.140 Total current liabilities 130.343.313 202.022.543 116.481.233 165.010.653Total Liabilities 344.416.434 353.568.142 296.683.826 252.481.297

Total Equity and Liabilities 514.646.006 529.691.879 468.674.873 410.680.498

GROUP COMPANY

The attached notes form an integral part of these financial statements



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2. Interim Income statement For the Nine - Month Period ended at 30th of September 2008 and 2007

(Amounts in euro)

1/1-30/09/2008 1/7-30/09/2008 1/1-30/09/2007 1/7-30/09/2007Note

191.040.211 203.226.619 153.068.570 167.860.675 Opening inventories at date of acquisition of subsidiary with biological assets

- - 5.748.768 -

Purchases during the period 715.453 241.991 4.591.040 469.244 Sales during the period 95.578.797 28.248.628 105.004.067 36.058.745 Fair value of biological assets at 30/09/2008 221.743.030 221.743.030 183.014.470 183.014.470 Gain or Loss arising from changes in fair value of biological assets at 30/09/2008

125.566.163 46.523.048 124.610.158 50.743.296

Sales of non-biological goods-merchandise and other inventories 5.21 35.823.267 15.733.194 60.437.649 24.843.325 Disposals 79.559.450 38.117.182 92.782.564 42.640.936 Salaries & personnel expenses 27.971.021 9.345.512 27.751.979 9.231.321 Third party fees and benefits 17.172.823 6.617.665 16.880.982 5.889.565 Other expenses 5.22 15.918.873 5.299.271 15.447.959 5.739.774 Finance (costs)/Income 5.23 (8.371.305) (3.213.317) (8.055.642) (3.278.896) Profits/Losses from consolidation by the net equity method 358.453 1.115.861 630.455 918.069 Depreciation 6.058.532 2.077.762 5.812.764 2.094.128 Other income/(expenses) 5.24 (250.162) (240.402) 126.766 (644.396) Results for the period before taxes 6.445.717 (1.539.008) 19.073.137 6.985.672Income tax (353.013) (135.408) (1.177.173) (84.466) Deferred income tax (2.673.522) (26.840) (2.565.952) (823.117) Prior years’ tax audit differences (1.995.068) (1.846.065) (664.605) - Net profit for the period 1.424.114 (3.547.321) 14.665.407 6.078.089

Attributable to: Equity holders of the company 447.568 (3.476.548) 10.736.579 5.407.272 Minority interest 976.546 (70.773) 3.928.827 670.817 Total 1.424.114 (3.547.321) 14.665.407 6.078.089

Earnings after taxes per share – basic in € 5.25 0,0087 -0,0675 0,2419 0,1117Earnings after taxes per share – diluted in € 5.25 0,0000 0,0000 0,2399 0,2399

1/1-30/09/2008 1/7-30/09/2008 1/1-30/09/2007 1/7-30/09/2007Note

Fair value of Biological assets at 31/12/2007 149.512.565 159.171.329 128.315.642 135.643.606 Opening inventories at date of acquisition of subsidiary with biological assets

6.285.839 6.285.839 - -

Purchases during the period 1.264.089 165.744 2.382.623 812.547 Sales during the period 71.095.906 22.328.963 79.386.932 28.112.514 Fair value of biological assets at 30/09/2008 176.200.507 176.200.507 146.457.732 146.457.732 Gain or Loss arising from changes in fair value of biological assets at 30/09/2008

90.233.920 32.906.558 95.146.400 38.114.093

Sales of non-biological goods-merchandise and other inventories 5.21 60.223.515 27.058.428 62.648.058 25.616.752 RM Consumption 91.457.937 43.062.905 87.387.731 37.839.259 Salaries & personnel expenses 19.513.453 6.486.547 20.219.167 6.503.368 Third party fees and benefits 13.579.242 4.981.770 15.167.460 5.521.840 Other expenses 5.22 11.642.017 3.674.548 12.103.996 4.344.996 Finance (costs)/Income 5.23 (4.759.212) (2.224.625) (5.246.356) (2.170.790) Depreciation 3.710.802 1.266.683 3.952.405 1.399.060 Other income/(expenses) 5.24 122.041 175.745 (526.348) (746.004) Results for the period before taxes 5.916.813 (1.556.347) 13.190.997 5.205.530Income tax - - (691.907) (299.458) Deferred income tax (1.971.358) (92.724) (2.088.565) (533.779)

Prior years’ tax audit differences (1.846.065) (1.846.065) (424.605) -

Net profit for the period 2.099.390 (3.495.135) 9.985.920 4.372.293

Attributable to: Equity holders of the company 2.099.390 (3.495.135) 9.985.920 4.372.293 Minority interest - - - - Total 2.099.390 (3.495.135) 9.985.920 4.372.293

Earnings after taxes per share – basic in € 5.25 0,0408 -0,0678 0,2250 0,0879Earnings after taxes per share – diluted in € 5.25 0,0000 0,0000 0,2234 0,2234

Fair value of Biological assets at 31/12/2007

GROUP

COMPANY




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3. Interim Statement of Changes in Equity

3.1. Consolidated Interim Statement of Changes in Equity

For the Nine-Month Period Ended at September 30th, 2008 and 2007 (Amounts in euro)

Share CapitalTreasury Shares

Share PremiumFair Value Reserve

Currency Translation Differences

Other Reserves

Retained Earnings

Minority Interest Total

Balance at 1 January 2007, as initially presented 51.165.774 37.664.159 10.491.934 - 12.855.509 4.392.176 5.621.601 122.191.153

Exchange differences transfer to relative reserve (Note 5.4) - - - (148.873) 148.873 - - -

Balance of equity at 01 January 2007, restated 51.165.774 37.664.159 10.491.934 (148.873) 13.004.382 4.392.176 5.621.601 122.191.153

Change in percentage or acquisition of new subsidiary companies - - - 118 - 115.822 182.834 11.184.864 11.483.638

Reserve resulting from the Convertible bond - - - - - (328.576) - - (328.576) Share capital increase expenses - - (577.741) - - - - - (577.741) Share capital increase 25.582.886 - 11.461.766 - - (3.250.586) (24.657) - 33.769.409 Transfer of negative minority interests to retained earnings - - - - - - (210) 210 - Approved dividends - - - - - - (3.947.110) (182.500) (4.129.610) Other changes (sale of assets, exchange differences) - - - - - 201.151 481.432 521.797 1.204.379 Net income/(expense) for the year 01/01-30/09/2007 - - - - - 10.726.984 3.912.384 14.639.368 Total recognised Income and Expense for the period 25.582.886 10.884.025 118 - (3.262.189) 7.419.273 15.436.755 56.060.867

Exchange differences transfer to relative reserve (Note 5.4) 200.403 (200.403) - - -

Restatement of results of the period 1/1-30/09/2007 - - - - - - 9.597 16.444 26.041

Other changes from the adjusted fair value of the new subsidiaries - - - (37.608) - (749) 959 1.062.875 1.025.477

Restated results of the period 1/1-30/09/2007 - - (37.608) 200.403 (201.152) 10.556 1.079.319 1.051.518

Adjusted Balance of equity at 30 September 2007 76.748.660 48.548.184 10.454.444 51.530 9.541.041 11.822.005 22.137.675 179.303.538

Balance of equity at 1 January 2008 78.326.015 47.797.637 9.672.049 61.751 6.078.087 11.240.920 22.947.277 176.123.737

Change in percentage or acquisition of new subsidiary companies - - - - - - - (162.416) (162.416)

Impact of absorption of subsidiary companies 6.234.405 - 10.230.659 - - - - (15.578.061) 887.003 Issue of share capital with reserves 18.992.455 - (19.197.652) - - - (4.393) (14.307) (223.897) Reduction of share capital for coverage of losses (18.629.513) - - - - (390.198) 19.019.713 - 2 Approved dividends - - - - - - (5.153.027) (1.946.881) (7.099.908) Purchase of treasury shares - (47.271) - - - - - - (47.271)

Transfer of reserves for coverage of own investments N.3229/04 - - (2.627.430) - - 2.627.430 - - -

Other changes (sale of assets, exchange differences) - - - (97.577) (77.790) - (372.888) (123.538) (671.793) Net income/(expense) for the year 01/01-30/09/2008 - - - - - - 447.568 976.546 1.424.114 Total recognised Income and Expense for 2008 6.597.347 (47.271) (11.594.423) (97.577) (77.790) 2.237.233 13.936.973 (16.848.658) (5.894.165)

Balance of equity at 30 September 2008 84.923.362 (47.271) 36.203.214 9.574.472 (16.038) 8.315.320 25.177.894 6.098.619 170.229.572




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3.2. Interim Statement of Change in Equity of the Parent Company

For the Nine-Month Period Ended September 30th, 2008 and 2007 (Amounts in Euro)

Share Capital Treasury Shares Share PremiumFair Value Reserves

Other ReservesRetained Earnings

Total

Balance at 1 January 2007, as initially presented 51.165.774 - 37.664.159 9.436.057 13.123.657 11.192.706 122.582.353

Reserve resulting from Convertible bond (328.576) (328.576) Share capital increase through reserves 10.233.155 - (6.957.912) - (3.250.586) (24.657) (0) Share capital increase through cash 15.349.732 - 18.419.678 - - - 33.769.409 Share capital increase costs - - (577.741) - - - (577.741) Approved dividends and Directors' fees - - - - - (3.814.610) (3.814.610) Net income/(expense) for the year 01/01-30/09/2007 - - - - - 9.985.920 9.985.920 Total recognised Income and Expense for 2007 25.582.886 - 10.884.025 - (3.579.162) 6.146.653 39.034.402

Balance of equity at 30 September 2007 76.748.660 - 48.548.184 9.436.057 9.544.495 17.339.360 161.616.756

Balance of equity at 1 January 2008, according to IFRS 78.326.015 - 47.797.637 8.500.933 5.973.248 17.601.368 158.199.201

Impact of absorption of subsidiary companies 6.234.405 - 10.230.659 - 74.121 558.764 17.097.949 Issue of shares with reserves 18.992.455 - (19.197.652) - - (205.197) Reduction of share capital for coverage of equivalent losses (18.629.513) - - - (390.198) 19.019.713 2 Approved dividends and Directors' fees - - - - - (5.153.027) (5.153.027) Purchase of treasury shares based on article 16 N.2190/1920 - (47.271) - - - - (47.271)

Transfer of reserves for coverage of own investments N.3229/04 - - (2.627.430) - 2.627.430 - -

Net income/(expense) for the year 01/01-30/09/2008 - - - - - 2.099.390 2.099.390 Total recognised Income and Expense for 2008 6.597.347 (47.271) (11.594.423) - 2.311.353 16.524.840 13.791.846

Balance of equity at 30 September 2008 84.923.362 (47.271) 36.203.214 8.500.933 8.284.601 34.126.208 171.991.047




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4. Interim Cash Flow Statement For the Nine-Month Period Ended September 30th, 2008 and 2007

(Amounts in euro)

30/9/2008 30/9/2007 30/9/2008 30/9/2007Cash flows from operating activitiesProfit before taxes 6.445.717 19.073.137 5.916.813 13.190.997 Plus/less adjustments for:Depreciation charge 6.058.532 5.812.764 3.710.802 3.952.405 Provisions - 91.283 - - Government Grants (767.453) (1.053.434) (544.949) (859.644) Provisions for retirement benefit obligations 287.424 249.710 209.799 196.980 Portfolio measurement (448.739) 124.657 (408.734) 74.340 Dividends (24) (33) (1.187.143) (50.033) Interest income (1.227.419) (431.265) (766.963) (414.769) Other non-cash items 13.170 (398.399) 219.496 (8.515) Gains from sale of property, plant and equipment-investments 391.435 (35.219) (8.220) (10.872) Interest expense and similar charges 9.767.264 8.346.506 7.122.053 5.711.158 Plus/less adjustments of working capital to net cash or related to operating activities:Decrease/(increase) of inventories (33.221.436) (24.916.150) (21.845.424) (17.949.670) Decrease/(increase) of receivables 39.432.135 (6.590.719) 9.318.682 (16.782.941) (Decrease)/increase of payable accounts (except Banks) (26.766.319) 11.514.932 (11.546.719) 17.045.115 Less:Interest expense and similar charges paid (9.767.264) (8.346.506) (7.122.053) (5.711.158) Income tax paid (4.425.379) (4.147.861) (3.415.481) (2.666.803) Net cash generated from operating activities (a) (14.228.356) (706.597) (20.348.041) (4.283.410)

Cash flows from investing activitiesAcquisition of subsidiaries, associates, joint-ventures and other investments (1.832.513) (52.345.729) (4.022.513) (49.777.470)

Proceeds from sale of subsidiaries, associates, joint-ventures and other investments 784.677 470.000 338.783 -

Purchases of property, plant and equipment (PPE) and of intangibleassets (10.262.725) (9.283.260) (7.172.423) (5.844.169)

Proceeds from sale of PPE and intangible assets 575.900 77.617 10.238 21.117 Proceeds from Government grants 763.633 352.503 763.633 352.503 Interest received 1.227.419 431.265 766.963 414.769 Dividends received 24 33 1.187.143 50.033 Time deposits (8.900.000) - - -

Net cash used in investing activities (b) (17.643.585) (60.297.571) (8.128.176) (54.783.217)

Cash flows from financing activitiesProceeds from issuance of ordinary shares - 33.769.608 - 33.769.408 Expenses related to the issue of shares (230.221) (577.741) (205.288) (577.741) Proceeds from issued/raised bank loans 16.604.384 57.614.895 14.785.785 54.753.127 Purchase / sale of treasury shares (47.271) - (47.271) - Dividends paid (7.079.012) (4.310.314) (5.134.542) (3.266.516) Net cash used in from financing activities (c) 9.247.880 86.496.448 9.398.684 84.678.278

Net increase/(decrease) in cash and cash equivalents for the period (a) + (b) + (c) (22.624.061) 25.492.280 (19.077.533) 25.611.651

Cash and cash equivalents at beginning of the period 51.904.527 12.579.616 47.333.889 10.681.222

Cash and cash equivalents at end of the period 29.280.466 38.071.896 28.256.356 36.292.873

GROUP COMPANY




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5. Notes on the Interim Financial Statements

5.1 General Information

The company was established in 1988 in Chios with its main activities being the creation of fish hatchery units, fish

farming, processing of products, production of fish feed and the trading of the products.

In 1995 the company was listed on the Athens Exchange and since then began its spectacular development in the sector of

aquaculture having as a result, today, its being listed in the Main Market of Athens Exchange and having the highest

position in the aquaculture sector. Based on the stipulation of the new regulations of the Athens Stock Exchange market, the

company met the criteria for being included in the category of Large Capitalization Companies, in accordance with article

339 and as of October 9, 2006 the company’s share is traded in this category.

The company’s registered office is situated at Koropi Attikis, Dimokritou Street, Area Portsi. The company’s web site is

www.nireus.gr. The Financial Statements have been approved for publication by the company’s Board of Directors on

November 24, 2008.

5.2 Nature of operations

“NIREUS AQUACULTURE SA” (the Company) and the Group is involved in a range of activities in the aquaculture

sector. In particular, the main activities of the Group includes the production of spawn, and fish as well as the trading and

distribution of various products in domestic and international markets, the production of equipment such as nets, cages etc.

for fish farming units, the production and trade of fish feed, the production and trade of processed fish as well as

standardized delicacies for catering purposes and the production of dairy products and the processing, production and trade

of related food stuffs. After the merger of the company KEGO S.A. the segments of stock feeding and aviculture have been

added to the Group’s primary activity segments.

5.3 Main developments

i) NIREUS S.A, following the decision of the General Assembly held on 7/1/2008, signed on 28/1/2008 a 7 year bond loan

agreement of an amount of € 90 million (paid € 85.500.000) at an interest rate of Euribor +1,4 spread. The loan will be used

for the refinancing of the company’s existing loan borrowings of an equivalent size, under more favourable terms.

ii) On 18/2/2008, the General Assembly of “NIREUS AQUACULTURE SA”, unanimously approved the purchase, via the

Athens Stock Exchange Market, treasury shares within a period of twenty four (24) months from the above mentioned date,

in accordance with article 16 of Law 2190/1920, up to 5 percent of the paid-in share capital with a lowest purchase price of

1,52 Euro (current nominal value) and a highest purchase price of 6 Euro per share.

iii) Procedures regarding the merger of the Company SEAFARM IONIAN S.A is suspended until such time as the

appropriate economic conditions are such that the determination of the fair value of the companies be made possible.



9

iv) On March 12, 2008 KEGO proceeded in the sale of its percentage participation (26,1%) which it held in the company

Cyprus Vita Trace Nutrition Ltd, to the shareholders of VTN, for an amount of € 445.950. It should be noted, that the sale

was considered necessary, due to the fact that the investment in the mentioned company did not further meet the strategic

goals of KEGO S.A, in addition to that their level of corporation was recently rendered nugatory.

v) During the nine-month period, “NIREUS AQUACULTURE S.A” acquired an additional 711.823 registered shares of

SEAFARM IONIAN S.A for the purchase price (consideration of acquisition) of € 1.823.513. The percentage participation

of “NIREUS AQUACULTURE S.A” now amounts to 23,4907% of the total voting rights of the company “SEAFARM

IONIAN S.A”, and an equivalent percentage of its share capital.

vi) During the nine-month period of 2008, the company “NIREUS INTERNATIONAL LTD” proceeded in the increase of

its share capital by an amount of € 2.190.000 (Share capital € 137.240 and Share premium € 2.052.760) which was fully

covered by “NIREUS AQUACULTURE S.A”.

vii) During the nine-month period of 2008, the company “ILKNAK SU URUNLERI SAN Ve TIC A.S” increased its share

capital by an amount of 2.449.860,47 YTL (1.285.000 €). The old shareholders of the company did not participate in the

increase, but instead did the company “MIRAMAR PROJECTS CO LTD-UK”. As a result, the direct percentage of

NIREUS AQUACULTURE S.A decreased from 3,096% to 1,8824%, and the indirect percentage from 45,3456% to

28,3242%. Due to, however, the fact that only “MIRAMAR” contributed to the share increase, the indirect participation of

the Group in “ILKNAK SU URUNLERI SAN Ve TIC A.S.” increased by 39,1968%, hence the final percentage has been

formed as follows: Direct 1,8824% and Indirect: 67,521% (total 69,4033%).

viii) “NIREUS AQUACULTURE S.A”, in execution of the Extraordinary General Assembly’s decision of its shareholders

on 18/02/2008 and that of the Board of Directors on 18/03/2008, proceeded during the period 14/04/2008-17/04/2008 in the

purchase of 22.390 of its treasury shares of a total value of € 47.270,70.

ix) During the Shareholders General Assembly that was held on March 20, 2008, the following decisions were taken:

a) Approval of the annual financial statements for the year 2007 (in accordance with IFRS) along with the Minutes of the

Board of Directors and the Auditors Report.

b) Approval of the proposed appropriation of earnings for the year 2007 and payment of dividends of an amount of € 0,10

per share. From July 2, 2008 onwards, the shares of “NIREUS AQUACULTURE S.A” will be issued without dividend

rights.

c) Approval of the exemption of the Auditors from any responsibility of indemnity for the events of the year 01/01/2007-

31/12/2007 as well as approval of the annual financial and consolidated financial statements of the Company.

d) Appointment for the year 2008 the statutory auditor Stylianos Xenakis of Michael and the substitute auditor George

Nikolopoulos of Konstantinos, both from S.O.L S.A.

e) Approval of the payment of fees for the period 30/06/2007 to 30/06/2008 and pre-approval of the fees and benefits to the

members of the Board of Directors for the period 30/06/2009.



10

f) Granting permission, based on article 23 of Law 2190/1920, to the members of the Board of Directors and to the Directors

of the Company, to participate in the board meetings or in the management of companies that solicit the same or similar

purpose.

g) Approval of the harmonization of the Company’s articles of association in accordance with the prevailing stipulations of

Law 2190/1920 of incorporated companies, with amendments and conformations or abolitions and regulations of the

respective articles.

x) During the current period 1/1-30/09/2008, and based on the B’ Reiteration Shareholders General Assembly held on June

16 2008, approval was obtained with respect to the increase of the company’s share capital through the capitalization of the

share premium reserve by an amount of € 18.629.513 with an increase in the nominal value of company’s share by an

amount of € 0,3615256, viz from € 1,52 to € 1,8815256 with the simultaneous and equivalent reduction in the company’s

share capital, by an amount of € 18.629.513, netting-off losses, along with a simultaneous decrease of the share’s nominal

value by € 0,3615256, viz from € 1,8815256 to € 1,52. (Art. Protocol. Κ2-8396 / 1-7-2008 Approval by the Ministry of

Development).

xi) During the nine-month period of 2008, procedures with respect to the liquidation of the companies "PER MARE

RESEARCH SA" and "NIREUS FISHERIES & AQUACULTURE CONSULTANTS SA" were completed, whereby for

the first no liquidation effect resulted (write-off of investment of € 12.959,04), although for the second, the liquidation effect

amounted to € 338.782,58 and the write-off of the investment amounted to € 32.281,73. The total effect in favour of the

results of the first nine-month period 2008 amounts to € 293.541,81.

xii) Furthermore, the regular tax audit of the subsidiary company ENALIOS S.A (which company was absorbed from

KEGO on November 2007) of KEGO S.A, resulted in additional taxes and surcharges of a total amount of € 203.305,51, an

amount which has been charged to current period results 1/1-30/09/2008 (an amount of € 149.002,69 has been presented in

prior period tax audit differences and an amount of € 54.302,82 in other expenses).

Τhe regular tax audits for the years 2005, 2006 and 2007 for the company and for the years 2001 and 2002 with respect to

the merged company, since 2002, IXTHYOFARMA, have been finalised. The books and records of the company were

considered sufficient and accurate and no irregularities or omissions occurred that would affect their validity. From the

above audit, additional tax expense resulted of an amount of € 1.937.618 (amount of € 1.846.065 has been presented in prior

period tax audit differences taxes and an amount of € 91.553 in other expenses) which amount has been charged to the

results of the period 1/1-30/09/2008. This additional tax has, however, already been fully settled with the Greek State

through the net-off with the VAT tax receivable.

Τhe regular tax audit of the subsidiary company ALPINO S.A for the years 2001 to 2006 inclusive have been finalized

where additional taxes and surcharges have resulted of an amount of € 151.237,29 which amount has been charged to the

results of the period 1/1-30/09/2008 and which amount is presented in “Other expenses”.

The tax liabilities of the remaining subsidiaries apart from the abovementioned entities have not yet been finalised.

xiii) During the nine-month period of 2008, and based on the decision taken by the Extraordinary Shareholders meeting of

KEGO S.A held on 28/08/2008, the spin-off of the agricultural, aviculture and stockbreeding segment and contribution in



11

the 100% subsidiary company "KEGO AGRI SOCIETE ANONYME PRODUCTION AND SALE OF AGRICULTURAL

AND STOCKBREEDING PRODUCTS S.A" which is located in Nea-Artaki-Evia (Approval by the Prefecture of Evia No.

3771/1.10.2008) was approved. The spin-off of the segment of agricultural, aviculture and stockbreeding includes the sale

of agricultural, aviculture and stockbreeding products and the segment of hogbreeding. The operations of agricultural,

aviculture and stockbreeding includes the production of equilibrists, premixture, highterm vegeterial raw material, the sale

of animal food production substitutes, the sale of high quality products in the hellenic stockbreeding and the production of

animal feed, in addition to the rendering of services, via special intellectual and consulting services on matters of nutrition,

reproduction, veterinary and on the general management of the aviculture and hogbreeding unit.

The Balance Sheet data of the spinned-off segment amount to a total of Assets € 14.456.803,20, a total of Liabilities €

5.819.445,25, a total of Equity € 8.637.357,95 and the Profit and Loss data for the period 1/1-30/092008 amount to Sales €

12.218.861,16, Profit before taxes € 1.237.665,82, and Profit after taxes € 928.249,36.

In addition, based on the Extraordinary Shareholders meeting of “NIREUS AQUACULTURE S.A” held on 19/09/2008, the

merger of the company “KEGO- Agricultural, Aviculture and Stockbreeding products-Services S.A” has been approved,

following the spin-off of the abovementioned segment, by “NIREUS AQUACULTURE S.A” and which company has been

included in the standalone financial statements via the purchase method (Decision of the Ministry of Development K2-

12329/31.10.2008). The procedure regarding the merger has not affected the Profit & Loss Statement for the period 1.01-

30.09.2008 of “NIREUS AQUACULTURE S.A” but has resulted in an increase in the company’s Assets by an amount of €

57.212.591,63, Liabilities of an amount of € 40.114.642,29, and Equity of an amount of € 17.097.949,37. As regards the

Group, Minority Interests of Equity of an amount of € 15.578.061,06 have been purchased for € 16.465.064,30 (11.845.370

shares * 1,39) which has resulted in goodwill of an amount of € 887.003,24. The Minority interests in the Income Statement

which concern the Group KEGO amount to € 320.906.11. The exchange relationship for the shareholders of the merged

companies is the following: i) Each shareholder of KEGO S.A will exchange one share with 0,950000040100058 new

common voting right shares of “NIREUS AQUACULTURE S.A” with a nominal value of € 1,34. The shares which

“NIREUS AQUACULTURE S.A” holds in KEGO S.A of a total number of 4.871.190 will be cancelled and the

shareholders of KEGO S.A will receive a total of 11.845.370 shares of “NIREUS AQUACULTURE S.A” of a new nominal

value of € 1,34 ii) The shareholders of “NIREUS AQUACULTURE S.A” will maintain the same, as prior to the completion

of the merger, number of shares with a nominal value of € 1,34 and will receive a total number of shares of 51.530.273.

The capital of NIREUS AQUACULTURE S.A after the merger has been established as follows:

a) has been increased by the amount of the contributed share capital of KEGO S.A of an amount of € 8.670.000

following the decrease of the write-off of shares which NIREUS AQUACULTURE holds of an amount of €

2.435.595, namely is increased by an amount of € 6.234.405.

b) has been increased with the capitalization of reserves of “NIREUS AQUACULTURE” for the purpose of rounding

differences from the account “Share Premium” by an amount of € 362.941,66.

Following the above:

1) The share capital of “NIREUS AQUACULTURE S.A” amounts to the total of € 84.923.361,62 which is divided into

63.375.643 common voting rights shares, with a new nominal value of € 1,34 each.

2) The “Share premium” account is increased by an amount of € 10.230.659 which is analysed as 11.845.370 number of

shares * 1,39 (stock exchange market price of “NIREUS AQUACULTURE” at 19/09/2008) less the contributed share

capital of KEGO A.E of an amount of €6.234.405.



12

Additional information as regards the Merger Contracts, Absorption and Spin-off is posted on the companies’ websites

www.nireus.gr and www.kego.gr

xiv) “NIREUS AQUACULTURE S.A” will proceed in the listing of a convertible bond loan from 12.07.2007, as this had

been stated in the Prospectus of the Issue, although the requirement has been abolished under the current C.L. 2190/1920.

5.4. Basis of preparation of the financial statements

The interim financial statements for the nine-month period that ended on June 30th, covering the period from January 1 to

June 30, 2008 have been prepared using the historical cost principle, as modified by the revaluation financial assets and

financial liabilities at fair value through profit or loss, the going concern principle and are in accordance with International

Financial Reporting Standards and especially as regards I.A.S. 34 concerning interim statements.

The interim financial statements do not include all the information and notes that are required in the Group’s annual

financial statements and therefore, they have to be read along with the Group’s financial statements at December 31st, 2007.

The accounting principles and the calculations which were used for the preparation of the financial statements are consistent

with the ones used for the preparation of the annual financial statements of the fiscal year 2007, which are consistently

applied in all the previous periods presented in this report.

The preparation of the interim financial statements according to the International Financial Reporting Standards requires the

use of certain important accounting estimations as well as management’s exercise of judgment in the process of applying the

accounting principles. Important acknowledgements by the administration for the application of the company’s accounting

methods are noted whenever it is necessary. The estimations and judgments made by the company’s management are

continuously evaluated and are based on experiential facts and other factors including the expectations for future events,

which are awaited under reasonable circumstances.

The comparative figures for the period 01/01/07-30/09/2007, which are included in the financial statements, differ from

those that have been presented in the published financial statements for the period 01/01/07-30/09/2007. More specifically,

the following figures have been restated in the Income Statement, Statement of Changes in Equity, in the Balance Sheet and

the Cash Flow for the period 01/01/07-30/09/2007, in order that these be comparable and consistent with the corresponding

figures of the current period 01/01/08-30/09/2008:

A) Gains and Losses from the incorporation through the use of the net equity method for the period 1/1/2007-

30/09/2007 (Group: Euro 630.455, Company: Euro 0) which are included in Finance income/(costs) are separately

presented without affecting the “Earnings/(Loss) before taxes, financing, investing results and depreciation”, the

"Earnings/(Loss)" before taxes, and the Profit/(Loss) for the period 01/01/2007-30/09/2007.

B) Τhe currency translation differences reserve for the year 2006 and for the period 01/01/07-30/09/2007 amounting

to Euro -148.873 and Euro 51.530 correspondingly, which are included in the account “Other Reserves” of the

Consolidated Income Statement and Balance Sheet of 2006 and of the period 01/01/07-30/09/2007 are

distinguished and separately presented.



13

C) As at 31/12/2007, and in accordance with IFRS 3, the fair value measurement of the tangible and intangible assets

of the new subsidiaries, which were purchased during the period 01/01/2007-30/09/2007 (KEGO SA,

PREDOMAR S.L and CARBON A.S), was finalized. As a result, the above Financial Statements, for the period

01/01/2007-30/09/2007, were restated in order that these be consistent and comparable with those of the

corresponding current period 1/1/2008-30/09/2008. i) Balance Sheet for the period 1/1/2007-30/09/2007, Assets

effect: € 1.212.753, Total Liabilities effect: € 161.235 and Net Equity effect: € 1.051.518. ii) Income Statement

Period 1/1/2007- 30/09/2007 Depreciation effect: € 35.526, Other income/(expenses) effect: € -314 (grants of fixed

assets), taxes effect: € -9.174 (deferred taxes), Earnings/Loss before taxes effect: € 35.212, Earnings/Loss after

taxes effect: € 26.040, Earnings/(Loss) before taxes, financing, investing and depreciation, effect: € -314,

Earnings/(Loss) before taxes, financing, investing effect: € 35.212, Net earnings to shareholders of the company

and to minority interests effect: € 9.596 and € 16.444 correspondingly. As regards the “Basic Net Earnings/(Loss)

after taxes per share” the effect is immaterial. iii) Cash flow statement Period 01/01/2007-30/09/2007 Results

before taxes effect: € 35.212, Depreciation effect: € -35.526, Grants € 314, (Decrease)/Increase in payables (except

borrowings) effect: € -51.615 and acquisition of subsidiaries, associates, joint ventures and other investments

effect: € 51.615. The last two changes result from the decrease in the purchase price of PREDOMAR S.L.

D) In accordance with the circular No. 34/24.01.2008, issued in the fiscal year 2008, “Earnings/(Loss) before taxes,

financing, investing results and depreciation”, includes the depreciation of grants, which has been set-off against

the corresponding depreciation of fixed assets. As a result of the above, prior year’s “Earnings/(Loss) before taxes,

financing, investing results and depreciation”, for the period 1/01/07-30/09/2007 has been restated by an amount of

€ 31.257.654 on a Group basis, and by an amount of € 21.530.113 on a Company basis, in order that the balances

be consistent and comparable with those of the corresponding amounts of the current period 1/1/2008-30/09/2008.

The Earnings/(Loss) before taxes, and the Net profit for the period 01/01/2007-30/09/2007 have not been affected

by the above changes. In addition, based on the above-mentioned decision, “the effect on measurement of

biological assets at fair value”, results from the deduction of “Sales of biological assets” from the figure “Gain or

Loss arising from changes in the fair value of biological assets”.

E) Τhe consideration of acquisition of Predomar was finalized as at 30/09/2008, which resulted in an increase in the

value of the investment by an amount of € 112.900 from € 2.038.438,39 to an amount of € 2.151.337, with an

equivalent increase in liabilities and the established goodwill. Further analysis is referred to in Note 5.11 Goodwill.

For comparative purposes of the Group Financial Statements, we note that in the current period 01/01/08-30/09/08, the

companies RED ANCHOR S.A (full consolidation) and KEGO AGRI S.A via the Group KEGO, had not been incorporated

in the corresponding prior period 01/01/07-30/09/07 due to that the companies were purchased, the on November 2007 and

the second on October 2007. The effect of the incorporation on the current nine-month period 1/1-30/09/2008 has resulted

for the first in Sales of an amount € 1.083.156, in profit after tax and minority interests of an amount of € 132.971 and in

Net Equity of an amount of € 162.509, and for the second the effect is immaterial.

Furthermore, during the prior year, "NIREUS AQUACULTURE S.A", following the decision taken by the Board of

Directors, proceeded in the spin-off of the confectionary business segment and its contribution to the company

“MARANT FINANCE S.A” which was entirely 100% purchased and which was subsequently sold as at 31.12.2007.

As a result of the above, and for comparative purposes of the Group's financial data, we note that during the prior



14

period 01/01-30/09/2007 "Sales Revenue" and "Earnings/ (Loss) before taxes" amounted to € 6.285.398 and € 311.517

correspondingly, while for the company “MARANT FINANCE S.A” the effect was immaterial. Additionally, the

merged company KEGO S.A and the spinned-off segment which has been contributed to KEGO AGRI S.A was

incorporated during the period 1/1-30/09/2007 from the date of purchase on 28/02/2007, and for a seven-month period,

in addition to the associate company MARINE FARMS ASA, which was incorporated for an approximately five-month

period from the purchase date on 17/04/2008. Furthermore, the company ENALIOS S.A, a subsidiary company of

"KEGO S.A" for the period 1/1-30/09/2007 was absorbed, by KEGO S.A. on November 2007; in addition to the

company “SEAFARM IONIAN S.A” absorbed “ALPHA ZOOTROFES” on December 2007.

For the companies, which have been consolidated in the current period 01/01-30/09/2008 no change, has resulted in the

method of incorporation.

5.5 New accounting standards and interpretations

The Group has adopted all the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Interpretations Committee (the IFRIC) of the IASB that are relevant to its operations and effective for the annual reporting periods beginning on 1 January 2008.

5.6 Seasonality

The business segment of aquaculture is not affected by seasonality. The business activity of fish feed is intensified during aestival months between May and October in order to cover the seasonal change that is observed in the dietary needs of aquaculture fish which is related to the increase of their environment’s temperature; this also signals an optimum convertibility of fish feed into fish biomass. More than two thirds of net sales for the products of this business segment are made during this period. The business segment of stockbreeding & aviculture is not affected by seasonality.



15

5.7 Structure of “NIREUS AQUACULATURE S.A” group of companies

The company has the following participations, table set out below:

COMPANYPARTICIPATION

PERCENTAGETHETIS AE (UNDER LIQUIDATION) 100,00%AQUACOM LTD 100,00%FISH OF AFRICA LTD 100,00%ALPINO S.A 100,00%PROTEUS EQUIPMENT S.A 50,00%A-SEA S.A 100,00%BLUFIN TUNA A.E (GROUP) 25,00%HELLENIC FISHERY QUALITY 4,34%ILKNAK SU URUNLERI SAN Ve TIC A.S. 69,403%AQUACULTURE INFORMATION NETWORK 14,00%NIREUS INTERNATIONAL LTD 100,00%MIRAMAR PROJECTS CO LTD - UK 100,00%MIRAMAR SU URUNLERI VE BALIK YEMI URETIMI SANAYI VE TICARET A.S. 99,95%CARBON DIS TICARET YATIRIM INSAAT VE SANAYI A.S. 99,943%PREENGORDE DE DORADAS PARA MARICULTURA S.L. 100,00%RED ANCHOR S.A 100,00%KEGO AGRI S.A 100,000%SEAFARM IONIAN S.A 23,491%SEAFARM IONIAN (CENTRAL EUROPE) GMBH 23,491%AQUA TERRAIR S.A 11,510%MARINE FARMS ASA (GROUP) 30,195%

The companies participating in the interim financial statements are set out in the following table:

COMPANY COUNTRY OF

INCORPORATION PARTICIPATION

PERCENTAGE METHOD OF

CONSOLIDATION

AQUACOM LTD BRITISH VIRGIN

ISLANDS 100,00% Full consolidation ALPINO S.A GREECE 100,00% Full consolidation

PROTEUS EQUIPMENT S.A GREECE 50,00% Full consolidation -SEA S.A GREECE 100,00% Full consolidation

NIREUS INTERNATIONAL LTD CYPRUS 100,00% Full consolidation MIRAMAR PROJECTS CO LTD - UK ENGLAND 100,00% indirect Full consolidation

MIRAMAR SU URUNLERI VE BALIK YEMI URETIMI SANAYI VE TICARET A.S. TURKEY 99,93% indirect + 0,02%

direct = 99,95% Full consolidation

ILKNAK SU URUNLERI SAN Ve TIC A.S. TURKEY 1,882% direct +

67,521% indirect = 69,403%

Full consolidation

CARBON DIS TICARET YATIRIM INSAAT VE SANAYI A.S. TURKEY 99,943% indirect Full consolidation

PREENGORDE DE DORADAS PARA MARICULTURA S.L.

SPAIN 100,00% indirect Full consolidation

RED ANCHOR S.A GREECE 100,00% Full consolidation KEGO AGRI S.A GREECE 100,00% Full consolidation

BLUEFIN TUNA S.A GREECE 25,00% Net equity VITA TRACE NUTRITION ( was sold on March 2008) CYPRUS 7,332% indirect Net equity

MARINE FARMS ASA (GROUP) NORWAY 30,195% Net equity SEAFARM IONIAN S.A GREECE 23,491% direct Full consolidation

SEAFARM IONIAN (CENTRAL EUROPE) GMBH GERMANY 23,491% indirect Full consolidation AQUA TERRAIR S.A GREECE 11,510% indirect Net equity



16

5.8. Segmental information

A business segment is a component of an enterprise that provides a single product or service or a group of related products

and services and that is subject to risks and returns that are different from those of other business segments.

A geographical segment is a component of an enterprise that provides products and services within a particular economic

environment and that is subject to risks and returns that are different from those of components operating in other economic

environments.

The business segments used for the Group’s primary segment reporting format are aquaculture, production and sales of fish

feed, production and sale of stockbreeding products, sales of aviculture products and other related services. Geographically

the Group’s activity is developed in Greece, the Euro zone and other countries.

Primary reporting format - Business segment

The Group is active in five business sectors:

Aquaculture, fishfeed, foodstuffs, stockbreeding & aviculture and Pet & Services-Other.

Results 1/1-30/09/2008

Amounts in Euro

AQUACULTURE FISHFEED FOODSTUFFS OTHER POULTRY-LIVESTOCK UNALLOCATED TOTAL

Total gross segment sales 121.891.669 65.789.127 400 3.607.851 12.197.243 - 203.486.290 Inter-segment sales 27.005.948 44.713.715 364.562 - - 72.084.226 Net Sales 94.885.721 21.075.412 400 3.243.288 12.197.243 131.402.064

Operating profit 10.583.304 2.552.531 (304.410) 397.471 1.229.673 - 14.458.569 Finance costs/income (7.384.905) (418.911) (217.568) (4.480) (345.440) - (8.371.305) Profits/(losses) from consolidation by the net equity method

358.453 - - - - - 358.453 Profit before income tax 3.556.851 2.133.620 (521.978) 392.991 884.233 - 6.445.717 Income tax expense - - - - - (353.013) (353.013) Deferred tax - - - - - (2.673.522) (2.673.522) Prior years’ tax audit differences - - - - - (1.995.068) (1.995.068) Net profit 3.556.851 2.133.620 (521.978) 392.991 884.233 (5.021.603) 1.424.114

Results 1/1-30/09/2007

Amounts in Euro

AQUACULTURE FISHFEED FOODSTUFFS & CONFECTIONARIES OTHER + PET POULTRY-

LIVESTOCK UNALLOCATED TOTAL

Total gross segment sales 132.666.890 59.564.134 6.285.398 5.290.819 9.922.922 - 213.730.164 Inter-segment sales 20.200.352 27.687.854 - 396.103 4.139 - 48.288.448 Net Sales 112.466.538 31.876.280 6.285.398 4.894.715 9.918.783 - 165.441.716

Operating profit 16.780.000 6.378.240 307.486 1.513.431 1.519.166 - 26.498.324 Finance costs/income (5.757.343) (1.251.739) (799.832) (57.820) (188.908) - (8.055.642) Profits/(losses) from consolidation by the net equity method 630.455 - - - - - 630.455 Profit before income tax 11.653.112 5.126.501 (492.346) 1.455.611 1.330.258 - 19.073.137 Income tax expense - - - - - (1.177.173) (1.177.173) Deferred tax - - - - - (2.565.952) (2.565.952) Prior years’ tax audit differences - - - - - (664.605) (664.605) Net profit 11.653.112 5.126.501 (492.346) 1.455.611 1.330.258 (4.407.730) 14.665.407

BUSINESS SEGMENT

BUSINESS SEGMENT

Secondary reporting format - Geographical segments

The registered office of the Group is in Greece and its main activity is developed in countries within the euro zone.



17

Amounts in Euro30/9/2008 30/9/2007

Greece 50.711.613 73.585.248 Euro-zone 71.713.791 79.420.176 Other countries 8.976.659 12.436.291

131.402.064 165.441.716

GROUP

5.9 Dividend distribution

Dividend distribution to the shareholders of the parent company is recognized in the interim financial statements, as a

liability, at the date at which the Shareholders’ General Meeting approves of the distribution.

5.10 Property Plant and Equipment

Land utilised for the purpose of either production or administration is stated at their fair value, as well as buildings, which

are presented at their fair value less accumulated depreciation reduced any other impairment losses. All other remaining

assets are valued at historical cost less accumulated depreciation and any other impairment losses. Depreciation expense of

tangible assets (except for land which is a non-depreciable asset) is calculated on a straight-line basis over the useful life of

the asset.

Property, plant and equipment is analysed as follows: GROUP

Land BuildingsMachinery & Equipment

VehiclesFurniture and

other equipmentWork in progress

Total

Amounts in EuroCostBalance at 1 January 2007 7.812.129 25.903.422 61.490.098 8.120.788 5.951.005 3.436.359 112.713.801

Balance at 1 January 2007 of new companies 966.620 7.093.739 7.270.792 1.078.106 2.984.074 118.390 19.511.720

Additions 25.626 346.313 6.015.986 643.367 699.474 7.670.734 15.401.499 Disposals/write-offs/transfers (293.470) (2.770.991) (1.146.790) (224.476) (27.100) (905.349) (5.368.177) Spin-off assets (341.491) (2.567.730) (3.362.708) (171.973) (389.667) - (6.833.569) Reclassifications - 3.388.325 2.367.129 150.750 10.750 (6.204.988) (288.033) Re-estimation 122.033 - - - - - 122.033 Changes - Exchange differences 57.137 126.551 219.698 17.970 11.533 48.974 481.862 Balance at 31 December 2007 8.348.583 31.519.630 72.854.204 9.614.532 9.240.069 4.164.119 135.741.137

Accumulated depreciationBalance at 1 January 2007 - (6.849.201) (41.553.164) (5.830.741) (4.823.998) - (59.057.104)

Balance at 1 January 2007 of new companies - (1.527.333) (2.717.027) (476.617) (2.560.166) - (7.281.143)

Depreciation charge - (1.224.346) (5.058.020) (659.177) (590.187) - (7.531.730) Disposals/write-offs/transfers - 1.843.087 1.075.869 158.001 20.261 - 3.097.218 Spin-off assets - 170.775 1.453.212 149.301 359.196 - 2.132.484 Re-estimation - 600 - - - - 600 Changes - Exchange differences - (89.140) (171.679) (16.513) (10.343) - (287.675) Balance at 31 December 2007 - (7.675.558) (46.970.808) (6.675.747) (7.605.237) - (68.927.350) Net book amount at 31 December 2007 8.348.583 23.844.072 25.883.396 2.938.785 1.634.832 4.164.119 66.813.786

CostBalance at 1 January 2008 8.348.583 31.519.630 72.854.204 9.614.532 9.240.069 4.164.119 135.741.137

Balance at 1 January 2008 of new companies merged in the year

-

Additions - 399.037 3.681.747 335.450 580.886 4.621.403 9.618.523 Disposals/write-offs/transfers (359.970) (101.906) (683.491) (63.678) (11.410) (361.254) (1.581.709) Spin-off assets - - - - - - - Reclassifications - 113.972 189.121 49.965 420 (362.478) (9.000) Changes - Exchange differences (39.100) (20.197) (130.086) (6.819) (4.333) (36.648) (237.182) Balance at 30 June 2008 7.949.514 31.910.537 75.911.495 9.929.450 9.805.632 8.025.141 143.531.769



-

Depreciation charge - (1.018.301) (3.768.518) (519.853) (480.426) - (5.787.099) Disposals/write-offs/transfers - 14.035 557.114 53.627 5.656 - 630.432 Changes - Exchange differences - (2.779) 62.763 5.872 3.648 - 69.502 Balance at 30 June 2008 - (8.682.604) (50.119.450) (7.136.101) (8.076.360) - (74.014.515) Net book amount at 30 June 2008 7.949.514 23.227.933 25.792.045 2.793.349 1.729.272 8.025.141 69.517.254



18

COMPANY

Land BuildingsMachinery & Equipment

VehiclesFurniture and

other equipmentWork in progress

Total

Amounts in EuroCostBalance at 1 January 2007 7.421.572 18.521.944 40.824.894 5.336.607 4.202.069 2.815.343 79.122.429

Balance at 1 January 2007 of new companies - - - - - - - Additions - 158.092 3.685.612 396.809 390.969 5.986.767 10.618.248 Disposals/write-offs/transfers (293.470) (1.218.547) (298.481) (89.809) (18.431) (6.529) (1.925.267) Spin-off assets (341.491) (2.567.730) (3.362.708) (171.973) (389.667) - (6.833.569) Reclassifications - 3.388.325 2.367.129 150.750 10.750 (5.919.243) (2.288) Re-estimation - - - - - - - Changes - Exchange differences - - - - - - - Balance at 31 December 2007 6.786.611 18.282.084 43.216.446 5.622.385 4.195.689 2.876.338 80.979.553


Balance at 1 January 2007 of new companies - - - - - - - Depreciation charge - (640.235) (3.473.378) (428.722) (385.251) - (4.927.586) Disposals/write-offs/transfers - 14.261 126.753 67.794 12.115 - 220.924 Spin-off assets - 170.775 1.453.212 149.301 359.196 - 2.132.484 Re-estimation - - - - - - - Changes - Exchange differences - - - - - - - Balance at 31 December 2007 - (2.214.529) (29.015.695) (3.936.261) (3.360.529) - (38.527.013) Net book amount at 31 December 2007 6.786.611 16.067.555 14.200.752 1.686.124 835.161 2.876.338 42.452.540

CostBalance at 1 January 2008 6.786.611 18.282.084 43.216.446 5.622.385 4.195.689 2.876.338 80.979.553


437.480 3.231.647 6.286.526 627.663 1.921.553 1.267.099 13.771.968

Additions - 39.926 2.958.346 227.663 254.597 3.081.265 6.561.797 Disposals/write-offs/transfers - (96.729) (136.813) (43.907) (9.643) - (287.092) Spin-off assets - - - - - - - Reclassifications - 9.969 125.014 49.965 420 (194.368) (9.000) Changes - Exchange differences - - - - - - - Balance at 30 September 2008 7.224.091 21.466.897 52.449.519 6.483.769 6.362.617 7.030.333 101.017.225


Balance at 1 January 2008 of new companies merged in the year - (72.114) (2.776.044) (334.891) (1.296.418) - (4.479.467) Depreciation charge (501.683) (2.383.353) (325.745) (266.749) - (3.477.530) Disposals/write-offs/transfers 8.858 18.922 33.857 3.944 - 65.581 Changes - Exchange differences - Balance at 30 September 2008 - (2.779.468) (34.156.170) (4.563.040) (4.919.751) - (46.418.428) Net book amount at 30 September 2008 7.224.091 18.687.429 18.293.349 1.920.729 1.442.866 7.030.333 54.598.797 Mortgages and pledges against Group’s assets are analysed in paragraph 5.27, below.

5.11 Goodwill

Goodwill is analysed as follows: GROUP COMPANY

Amounts in Euro Amounts in Euro

Carrying value at 1 January 2007 15.137.782 Carrying value at 1 January 2007 9.719.551 Additions 11.404.981 Additions - Revaluation of goodwill (See pgr. E) 112.900 Revaluation of goodwill - Carrying value at 31 December 2007 26.655.662 Carrying value at 31 December 2007 9.719.551

Carrying value at 1 January 2008 26.655.662 Carrying value at 1 January 2008 9.719.551 Additions 2.569.696 Additions 9.489.236 Impairment losses (50.199) Impairment losses - Carrying value at 30 September 2008 29.175.160 Carrying value at 30 September 2008 19.208.787



19

Analysis of Additions

The measurement of the account “Goodwill” following the above additions has been determined based on the net fair value

of the investment and has been calculated for the nine month period ending 30/09/2008, per company as follows:

The Group’s and the Company’s Goodwill has arisen as follows:

SEAFARM IONIAN S.A.

Acquisition date 29/1/2008Acquired percentage 0,3047%Total Consideration of Acquisition 206.938Less: Fair value of company property assets and liabilities 19.694Goodwill of purchase 187.244

Fair ValueElements of Assets 85.817.300Liabilities 79.353.862Contingent liabilities 0Total Equity of Company 6.463.438Participation Percentage 0,3047%

Fair Value 19.694

The property assets acquired and the liabilities undertaken by the Group at theacquisition of the new participation percentage in the Company were as follows:

Acquisition date 15/5/2008Acquired percentage 0,3047%Total Consideration of Acquisition 206.938Less: Fair value of company property assets and liabilities 18.405Goodwill of purchase 188.533

Fair ValueElements of Assets 87.994.520Liabilities 81.954.133

Contingent liabilities 0Total Equity of Company 6.040.387Participation Percentage 0,3047%

Fair Value 18.405




20

Acquisition date Period 8/7/2008 - 8/8/2008Acquired percentage 1,5889%Total Consideration of Acquisition 1.418.638Less: Fair value of company property assets and liabilities 111.721Goodwill of purchase 1.306.916


Fair Value 111.721


KEGO S.A

Acquisition date 30/9/2008Acquired percentage 71,9078%Total Consideration of Acquisition 16.465.064Less: Fair value of company property assets and liabilities 15.578.061Goodwill of purchase 887.003


Fair Value 15.578.061


During the nine-month period of 2008, the company “ILKNAK SU URUNLERI SAN Ve TIC A.S” increased its share

capital by an amount of 2.449.860,47 YTL (1.285.000 €). The old shareholders of the company did not participate in the

increase, but instead did the company “MIRAMAR PROJECTS CO LTD-UK”. As a result, the direct percentage of

“NIREUS AQUACULTURE S.A” decreased from 3,096% to 1,8824%, and the indirect percentage from 45,3456% to

228,3242%. The goodwill decreased by an amount of € 50.199 in proportion to the decrease in the percentage on which the

goodwill had been calculated.



21

5.12 Intangible assets

GROUP COMPANY

Amounts in EuroSoftware

ProgrammesAquaculture

Licences Total Amounts in EuroSoftware

ProgrammesAquaculture

Licences Total

Cost CostCarrying value 1 January 2007 1.738.733 8.500.000 10.238.733 Carrying value 1 January 2007 1.510.482 - 1.510.482 Carrying value 1 January 2007 of new companies 131.994 5.348.000 5.479.994

Carrying value 1 January 2007 of new companies -

Additions 170.694 - 170.694 Additions 137.209 - 137.209

Disposals/Write-offs/Transfers to investments (2.800) - (2.800) Disposals/Write-offs/Transfers to investments (2.800) - (2.800) Spin-off assets (77.815) - (77.815) Spin-off assets (77.815) - (77.815)

Transfers from investments/work in progress 2.288 - 2.288 Transfers from investments/work in progress 2.288 - 2.288 Re-estimation - 209.000 209.000 Re-estimation - Changes/Exchange differences 2.825 - 2.825 Changes/Exchange differences - Carrying value 31 December 2007 1.965.918 14.057.000 16.022.918 Carrying value 31 December 2007 1.569.363 - 1.569.363

Accumulated amortisation Accumulated amortisationCarrying value 1 January 2007 (1.117.720) (1.117.720) Carrying value 1 January 2007 (894.757) - (894.757) Carrying value 1 January 2007 of new companies (120.222) (120.222)

Carrying value 1 January 2007 of new companies - - -

Amortisation charge (266.477) (266.477) Amortisation charge (253.161) - (253.161)

Disposals/Write-offs/Transfers to investments 653 653 Disposals/Write-offs/Transfers to investments 653 - 653 Spin-off assets 61.618 61.618 Spin-off assets 61.618 - 61.618 Changes/Exchange differences (2.669) (2.669) Changes/Exchange differences - Carrying value at 31 December 2007 (1.444.817) - (1.444.817) Carrying value at 31 December 2007 (1.085.647) - (1.085.647)

Net book value at 31 December 2007 521.101 14.057.000 14.578.101 Net book value at 31 December 2007 483.716 - 483.716

Cost CostCarrying value 1 January 2008 1.965.918 14.057.000 16.022.918 Carrying value 1 January 2007 1.569.363 - 1.569.363 Carrying value new companies merged in the year

Carrying value of new companies merged in the year 151.338 1.173.000 1.324.338

Additions 644.202 - 644.202 Additions 610.626 - 610.626

Disposals/Write-offs/Transfers to investments - - - Disposals/Write-offs/Transfers to investments - Spin-off assets - - - Spin-off assets -

Transfers from investments/work in progress 9.000 - 9.000 Transfers from investments/work in progress 9.000 9.000 Re-estimation - - - Re-estimation - Changes/Exchange differences (227) - (227) Changes/Exchange differences -Carrying value 31 December 2007 2.618.892 14.057.000 16.675.892 Carrying value 31 December 2007 2.340.326 1.173.000 3.513.326

- Accumulated amortisation Accumulated amortisation - Carrying value 1 January 2008 (1.444.817) - (1.444.817) Carrying value 1 January 2008 (1.085.647) - (1.085.647) Carrying value of new companies merged in the year

Carrying value of new companies merged in the year (130.608) - (130.608)

Amortisation charge (271.434) - (271.434) Amortisation charge (233.272) - (233.272) Changes/Exchange differences 66 - 66 Changes/Exchange differencesCarrying value at 30 September 2008 (1.716.185) - (1.716.185) Carrying value at 30 September 2008 (1.449.527) - (1.449.527)

Net book value at 30 September 2008 902.707 14.057.000 14.959.707 Net book value at 30 September 2008 890.800 1.173.000 2.063.800 The account “Aquaculture licences” on a Group level concerns the fair value of the aquaculture licenses of the companies of

the Group “SEAFARM IONIAN SA”, The Group “KEGO”, “PREENGORDE DE DORADAS PARA MARICULTARA

S.L (PREDOMAR)”, “RED ANCHOR S.A” and “CARBON DIS TICARET YATIRIM INSAAT VE SANAYI A.S.

(CARBON)”, resulted following the appraisal of the independent appraisers, and was assessed at a value of € 14.057.000.

The resulting goodwill is not depreciated, but is examined for impairment loss, shall events occur that indicate a potential

loss, in accordance with IAS 36.

In the standalone Financial Statements, the presented value of Aquaculture licenses relates to the fair value of aquaculture

licenses based on IAS 38, of the absorbed, as at 30/09/2008, subsidiary company of KEGO S.A .



22

5.13 Investments in subsidiaries

In the individual financial statements, the investments in subsidiary companies have been measured at impaired acquisition

cost.

Amounts in Euro GROUP COMPANY30/9/2008 30/9/2008

Beginning of the period 401.920 33.302.064Reduction due to merger - (11.563.531) Additions - 10.697.831 Total 401.920 32.436.363

The company’s percentage participation in investments which are not listed on the Athens Stock Exchange Market is as

follows:

Company Cost ImpairmentValue of balance sheet

Country of incorporation

% Interest held

THETIS AE 1.690.060 (1.650.646) 39.414 GREECE 100,00%PROTEUS EQUIPMENT S.A 29.347 - 29.347 GREECE 50,00%ALPINO S.A 17.328.978 (15.548.567) 1.780.412 GREECE 100,00%AQUACOM LTD 1.141.394 - 1.141.394 VIRGIN ISLANDS 100,00%A-SEA S.A 575.446 (337.159) 238.288 GREECE 100,00%ILKNAK SU URUNLERI SAN Ve TIC A.S. 56.000 - 56.000 ΤΟΥΡΚΙΑ 1,882%NIREUS INTERNATIONAL LTD 6.166.440 - 6.166.440 CYPRUS 100,00%MIRAMAR SU URUNLERI VE BALIK YEMI URETIMI SANAYI VE TICARET A.S.

232 - 232 TURKEY 0,02%

SEA FARM IONIAN S.A 10.692.258 - 10.692.258 GREECE 21,491%RED ANCHOR S.A 5.617.261 - 5.617.261 GREECE 100,00%KEGO AGRI S.A 6.675.318 - 6.675.318 GREECE 100,000%

49.972.734 (17.536.371) 32.436.363

5.14 Investments in associates

In the individual financial statements of the Company, investments in associates have been valued at impaired cost, and in

the Group financial statements these have been stated at the net equity method. Investments in associates are analyzed as

follows:



23

Amounts in Euro30/9/2008 31/12/2007 30/9/2008 31/12/2007

Beginning of year 37.601.397 1.333.861 35.581.656 462.959 Balance at date of acquisition of new companies - 529.875 - - Additions - 35.118.697 35.118.697 Disposals (688.526) - - - Write-offs/ liquidation (12.959) (12.959) - Consolidation by the net equity method (136.406) 618.964 - - Total 36.763.506 37.601.397 35.568.697 35.581.656

GROUP COMPANY

The amount of € (136.406) that appears at the consolidation of investments in associates using the equity method as at

30/09/2008, relates to € 103.661 for the company BLUE FIN TUNA S.A., to € 15.762 for the company VITATRACE

NUTRITION LTD until the date of disposal, and to € (255.829) for the company MARINE FARMS A.S.A.

The amount of € (688.526) pertains to the disposal of VITATRACE NUTRITION SA from KEGO Group, as at March 12,

2008. During the nine-month period of 2008, the liquidation procedures as regards the company “PER MARE RESEARCH

S.A” was finalised whereby no liquidation effect resulted and therefore the net book value of the investment of an amount

of € 12.959 was charged to the period’s results 01/01-30/09/2008 (financial income/costs).

The company’s percentage of ownership interest in its associates, all of which are not listed on the Athens Exchange (except

MARINE FARMS A.S.A.), is as follows:

30/9/2008

Company Cost ImpairmentValue of

Balance sheetCountry of

incorporationParticipation percentage

BLUEFIN TUNA AE 650.000 - 650.000 GREECE 25%MARINE FARMS ASA 34.918.697 - 34.918.697 NORWAY 30,1954%

35.568.697 - 35.568.697

31/12/2007

Company Cost ImpairmentValue of

Balance sheetCountry of

incorporationParticipation percentage

PER MARE RESEARCH AE 22.891 (9.932) 12.959 GREECE 39%BLUEFIN TUNA AE 650.000 - 650.000 GREECE 25%MARINE FARMS ASA 34.918.697 - 34.918.697 NORWAY 30,1954%

35.591.587 (9.932) 35.581.656

There are no major restrictions in the ability of the subsidiaries to transfer capital in the parent company in the form of cash

dividends, repayment of loans or advance payments. Investment in the associate company “MARINE FARMS ASA”

includes goodwill of an amount of € 17.937.740.



24

5.15 Non Current Assets classified as held for sale

Assets held for investment relate to investments in non-listed in an organised market, companies. All assets held for

investment, are measured at historical cost given that their fair value cannot be accurately measured.

During the nine-month period of 2008, the liquidation procedures of the company “NIREUS FISHERIES &

AQUACULTURE CONSULTANTS S.A” were finalised whereby the liquidation effect amounts to € 338.782,58 and the

amount of the investment written-off amounts to € 32.281,73. The total effect in favour of the period’s results 01/01-

30/09/2008 amounts to € 306.500,85 (Financial income/costs).

5.16 Biological assets

The biological assets of the Group were measured at their fair value, according to IAS 41. The fair value was determined

based on market prices at the Balance Sheet date. Biological assets are the reserves of spawn-generating adult fish, fish

spawn and stock breeding products at that time and are measured at fair value (i.e. selling price) based on IAS 41. This

method has as a consequence in periods with intensive harvesting, the significant growth of reserves and gains that arise

from the difference between production cost and measurement at selling prices.

Fair value reconciliation of biological assets is presented in the following table:

Amounts in Euro30/6/2008 31/12/2007 30/6/2008 31/12/2007

Beginning of the period 1.929.831 2.054.485 48.955 123.229Write-offs (32.282) (124.654) (32.282) (74.274) Balance at end of the period 1.897.549 1.929.831 16.674 48.955

GROUP COMPANY



25

Amounts in Euro30/9/2008 31/12/2007 30/9/2008 31/12/2007

Balance of biological assets at 1 January 191.040.211 153.068.570 149.512.565 128.315.642Opening inventories at date of acquisition of subsidiary with biological assets - 7.215.420 - Opening inventories at date of merger of subsidiary with biological assets

6.285.839

Increases due to purchases of biological assets 715.453 5.415.457 1.264.089 2.728.907 Gain/Loss arising from changes in fair value attributable to price or quantity changes of biological assets 125.566.163 159.584.319 90.233.920 120.437.157 Decreases due to sales of biological assets (95.578.797) (134.243.555) (71.095.906) (101.969.141)

End balance of biological assets at 31 December 2007 221.743.030 191.040.211 176.200.507 149.512.565

ANALYSIS OF BIOLOGICAL ASSETS IN BALANCE SHEET

A) Biological assets of fish (Assets – Non-current assets) 87.593.152 67.458.708 74.573.471 55.158.250Β) Biological Poultry-Livestock (Assets - Non-current assets) 224.000 - - - TOTAL BIOLOGICAL ASSETS - Assets - Non-current 87.817.152 67.458.708 74.573.471 55.158.250

C) Biological assets fish (Inventories - Current assets)133.733.045 123.399.724 101.627.036 94.354.315

D) Biological Poultry-Livestock (Inventories - Current assets) 192.833 181.779 - - TOTAL BIOLOGICAL ASSETS - Assets - Current 133.925.879 123.581.503 101.627.036 94.354.315

TOTAL BIOLOGICAL ASSETS 221.743.030 191.040.211 176.200.507 149.512.565

GROUP COMPANY

5.17 Derivative Financial Instruments

The derivative financial instruments refer to the following:

Amounts in Euro30/9/2008 31/12/2007 30/9/2008 31/12/2007

Derivative financial instrumentsCAP contracts with or without knock out barrier-Cash flow hedging 421.568 265.859 306.761 15.530 Derivative financial instruments (assets) 421.568 265.859 306.761 15.530

GROUP COMPANY

The fair value of the contracts has been measured by the use of the relative interest rates and exchange rates prevailing in

the market.

The total of fair value of derivative financial instrument is classified either as an asset or as a liability. The development of

the derivative financial instruments is analysed as follows:

Amounts in Euro

30/9/2008 31/12/2007 30/9/2008 31/12/2007Opening balance 265.859 - 15.530 - Balance at date of merged companies - - 175.527 - Additions 265.859 15.530 Changes in fair value 155.709 - 115.704 - Total 421.568 265.859 306.761 15.530

GROUP COMPANY

Changes in fair value, are recognized in the Income Statement and specifically in the account “Finance (costs)/income”. Note 5.23



26

5.18 Time Deposits

Τhe time deposit of an amount of € 8.900.000 relates to a restricted account which results from funds granted to companies

which are situated in fire disaster areas. This amount is intended, following its de-restriction, to be allocated to the

repayment of the existing loan.

5.19 Equity

i) Issued Capital

The share capital of “NIREUS AQUACULTURE S.A” consists of common registered shares of € 1,34 par value. All shares

grant equal rights concerning the receipt of dividends and the repayment of capital, and represent one voting right at the

Shareholders’ General Assembly of “NIREUS AQUACULTURE S.A”. The shares of “NIREUS AQUACULTURE S.A”

are freely traded in the Athens Stock Exchange.

Amounts in EuroNumber of shares

Share capital (ordinary shares)

Treasury shares Share premium TotalNumber of

shares

Share capital (ordinary shares)

Treasury shares

Share premium

Total

Balance at 1 January 2007 40.932.619 51.165.774 - 37.664.159 88.829.933 40.932.619 51.165.774 - 37.664.159 88.829.933

Issue of shares with capitalization of reserves and retained earnings - 11.263.760 - (7.988.517) 3.275.243 - 11.263.760 - (7.988.517) 3.275.243 Issue of shares with cash 10.233.154 15.349.731 - 18.419.678 33.769.409 10.233.154 15.349.731 - 18.419.678 33.769.409 Share options granted under IFRS 2 364.500 546.750 - 328.050 874.800 364.500 546.750 - 328.050 874.800 Expenses related to the issue of shares - - - (625.733) (625.733) - - - (625.733) (625.733) Balance at 31 December 2007 51.530.273 78.326.015 - 47.797.637 126.123.652 51.530.273 78.326.015 - 47.797.637 126.123.652

Purchase of treasury shares - - (47.271) - (47.271) - - (47.271) - (47.271)

Change from the merger of subsidiary companies 11.845.370 6.234.405 - 10.230.659 16.465.064 11.845.370 6.234.405 - 10.230.659 16.465.064

Issue of shares with capitalization of reserves - 18.992.455 - (19.197.652) (205.197) - 18.992.455 - (19.197.652) (205.197) Reduction of share capital for coverage of losses - (18.629.513) - - (18.629.513) - (18.629.513) - - (18.629.513) Transfer of reserves for coverage of own investments N.3229/04 - - - (2.627.430) (2.627.430) - - - (2.627.430) (2.627.430) Balance at 30 September 2008 63.375.643 84.923.362 (47.271) 36.203.214 121.079.305 63.375.643 84.923.362 (47.271) 36.203.214 121.079.305

GROUP COMPANY

During the current period 1/1-30/09/2008, and based on the B’ Reiteration Shareholders General Assembly held on June 16

2008, approval was obtained with respect to the increase of the company’s share capital through the capitalization of the

share premium reserve account by an amount of € 18.629.513 with an increase in the nominal value of company’s share by

an amount of € 0,3615256, viz from € 1,52 to € 1,8815256 with the simultaneous and equivalent reduction in the company’s

share capital, by an amount of € 18.629.513, netting-off losses, along with a simultaneous decrease of the share’s nominal

value by € 0,3615256, viz from € 1,8815256 to € 1,52. (Art. Protocol. Κ2-8396 / 1-7-2008 Approval by the Ministry of

Development).

In addition, based on the decisions taken by the Extraordinary Shareholders meeting held on 18/02/2008 and that of the

Board of Directors meeting held on 18/03/2008, the company acquired 22.390 treasury shares of a total value of €

42.270,70.



27

Following the Extraordinary Shareholders meeting of “NIREUS AQUACULTURE S.A” held on 19/09/2008, and the

approval of the merger of the company “KEGO S.A” (Decision of the Ministry of Development K2-12329/31.10.2008), the

capital of “NIREUS AQUACULTURE S.A” after the merger has been established as follows:

a) has been increased by the amount of the contributed share capital of KEGO S.A of an amount of € 8.670.000

following the decrease of the write-off of shares which NIREUS AQUACULTURE holds of an amount of €

2.435.595, namely is increased by an amount of € 6.234.405.

b) has been increased with the capitalization of reserves of “NIREUS AQUACULTURE” for the purpose of rounding

differences from the account “Share Premium” by an amount of € 362.941,66.

Following the above:

1) The share capital of “NIREUS AQUACULTURE S.A” amounts to the total of € 84.923.361,62 which is divided into

63.375.643 common voting rights shares, with a new nominal value of € 1,34 each.

2) The “Share premium” account is increased by an amount of € 10.230.659 which is analysed as 11.845.370 number of

shares * 1,39 (stock exchange market price of “NIREUS AQUACULTURE” at 19/09/2008) less the contributed share

capital of KEGO A.E of an amount of €6.234.405.

ii) Fair value Revaluation Reserve

The analysis of fair value reserves is as follows:

Amounts in Euro GROUP COMPANYBalance at 1 January 2007 10.491.934 9.436.057 Revaluation 2007 115.239 - Sale (666.482) (666.482) Spin-off (268.642) (268.642) Balance at 31 December 2007 9.672.049 8.500.933 Sale (97.577) -Balance at 30 September 2008 9.574.472 8.500.933

iii) Other reserves

Other reserves of the Company are as follows:

Amounts in Euro

LEGAL RESERVE

UNDER SPECIAL LAW

PROVISIONSRESERVE

UNDER IFRS 2

RESERVE OF CONVERTIBLE BOND

LOAN *

RESERVES INTENDED FOR FUTURE

INCREASE OF S.C.OTHER

RESERVES TOTAL

Balance at 1 January 2007 2.994.724 8.924.479 764.625 - 387.775 52.054 13.123.657 Share options under IFRS 2 - - 444.027 - - - 444.027 Changes throughout the year for issue of shares - (2.810.756) - - (387.775) (52.054) (3.250.586)

Changes throughout the year arising from convertible Bond Loan - - - (310.043) - - (310.043)

Spin-off of sector - (4.094.717) - - - - (4.094.717) Changes throughout the year 60.910 - - - - - 60.910 Balance at 31 December 2007 3.055.634 2.019.006 1.208.652 (310.043) - - 5.973.248

Transfers from merged companies 74.121 - - - - - 74.121 Transfer of reserve for the coverage of equivalent losses - - - - - (390.198) (390.198) Transfer of reserve for coverage of own investment of L. 3299/04 - - - - - 2.627.430 2.627.430 Balance at 30 September 2008 3.129.755 2.019.006 1.208.652 (310.043) - 2.237.232 8.284.601

(*) Option premium on convertible bonds represents the equity component (conversion rights) of the 2.046.630 convertible bonds (“CVs”) issued during the year 2007.



28

5.20 Borrowings

The non-current and current borrowings are as follows:

Amounts in Euro30/9/2008 31/12/2007 30/9/2008 31/12/2007

Non-current borrowingsBank borrowings 193.451.115 143.243.856 163.172.306 84.922.934 Less: Borrowings payable in following year (Loans) (4.346.940) (13.886.535) (573.801) (10.597.456) Total non-current borrowings 189.104.175 129.357.321 162.598.505 74.325.478

Liabilities payable in following yearLiabilities payable in following year (Loans) 4.346.940 13.886.535 573.801 10.597.456 Total liabilities payable in following year 4.346.940 13.886.535 573.801 10.597.456

Short-term loansBank borrowings 52.272.380 85.875.256 52.272.380 67.629.959 Total short-term loans 52.272.380 85.875.256 52.272.380 67.629.959

Total loans 245.723.496 229.119.112 215.444.686 152.552.893

GROUP COMPANY

Maturities of non-current borrowings are analysed below: Amounts in Euro

30/9/2008 31/12/2007 30/9/2008 31/12/2007

Between 1 and 2 years 12.760.941 18.925.873 8.667.963 14.862.522 Between 2 and 5 years 75.981.804 75.016.900 68.724.213 56.129.620 Over 5 years 100.361.430 35.414.548 85.206.329 3.333.335

189.104.175 129.357.321 162.598.505 74.325.478

GROUP COMPANY

On 28/01/2008 a 7 year bond loan contract was signed of an amount of € 90.000.000 from which “NIREUS

AQUACULTURE S.A” has obtained the amount of € 85.500.000 with the purpose of refinancing existing loan borrowings.

5.21 Sale of non-biological assets-goods and other material Analysis of sales of non-biological assets-goods and other material is as follows:

Amounts in Euro30/9/2008 30/9/2007 30/9/2008 30/9/2007

Sales of merchandise & goods 24.298.233 53.102.714 48.522.818 55.445.800 Sales of other inventories and junk 11.206.618 7.054.692 10.884.046 6.902.460 Sale of services 318.416 280.244 816.651 299.798 Total sales of merchandise and other inventories

35.823.267 60.437.649 60.223.515 62.648.058

GROUP COMPANY



29

5.22 Other expenses Analysis of other operating expenses is as follows:

Amounts in Euro30/9/2008 30/9/2007 30/9/2008 30/9/2007

Taxes-duties (other than the non-incorporated in the operating cost taxes)

408.930 476.715 251.942 369.658

Transportation expenses 10.075.555 8.925.192 8.660.990 7.818.628 Travelling expenses 708.974 622.495 549.363 492.177 Sales promotion and advertising expenses 391.664 1.089.285 311.137 1.047.084 Exhibition and demonstration expenses 195.829 225.911 155.408 223.540 Special export expenses 118.407 100.602 116.095 93.914 Subscriptions – Memberships 120.470 109.694 78.446 93.267 Donations and subsidies 211.536 180.075 187.968 138.475 Printed matter and stationery 115.999 112.029 78.874 83.238 Consumable materials 2.627.030 2.228.075 865.812 951.127 Publication expenses 97.699 88.545 62.546 46.715 Expenses for participating interests and securities 8.825 - 225 -

Valuation differences of participating interests & securities - 67 - 67

Sundry expenses 578.185 483.262 303.887 241.089 Estimated – prepaid sundry expenses (4.800) 289.688 - 289.688 Operating provisions 264.569 516.325 19.325 215.329 Total other operating expenses 15.918.873 15.447.959 11.642.017 12.103.996

GROUP COMPANY

5.23 Financial results

Analysis of finance income and expenses is as follows:

Finance IncomeAmounts in Euro

30/9/2008 30/9/2007 30/9/2008 30/9/2007Dividends 24 33 1.187.143 50.033 Interest income on financial assets at amortised cost 1.227.419 431.265 766.963 414.769 Gain on measurement of other financial assets 24.352 6.332 - - Gain on measurement of derivative financial instruments 155.709 224.493 115.704 - Gain on sale of participating interests 293.542 - 293.542 - Total finance income 1.701.046 662.123 2.363.352 464.802

GROUP COMPANY

Finance CostsAmounts in Euro

30/9/2008 30/9/2007 30/9/2008 30/9/2007Interest expense from bank borrowings at amortised cost 9.767.264 8.717.765 7.122.053 5.711.158 Interest expense from defined benefit plansLoss on measurement of other financial assets 512 - 512 - Loss from measurement of Dividends - Loss from sale of participating interests 304.576 - - - Total finance costs 10.072.351 8.717.765 7.122.564 5.711.158

GROUP COMPANY

The loss incurred from the sale of the participating interests resulted from the company “VITA TRACE NUTRITION LTD”

by an amount of € 242.622 and from the decrease in the percentage participation in the company “ILKNAK SU



30

URUNLERI SAN Ve TIC A.S” by an amount of € 61.954. The gain on measurement of other financial assets results from

the purchase of an additional percentage participation in “ILKNAK SU URUNLERI SAN Ve TIC A.S”.

5.24 Other income/(expenses)

The analysis of other income and expenses is the following:

Amounts in Euro30/9/2008 30/9/2007 30/9/2008 30/9/2007

Grants and other sales revenue 756.600 481.982 277.746 88.237 Income from side business 161.969 222.446 116.200 182.474 Other income 697.217 1.734.428 545.435 983.675 Tax fines and surcharges (214.279) (332.168) (5.155) (4.695) Exchange differences (319.542) 384.333 (57.140) (95.889) Other extraordinary & non-operating expenses (197.273) (1.460.414) (108.028) (626.335) Losses from destruction of unfit inventories (197.585) (1.124.582) (129.150) (1.111.354) Losses from disposal of assets (420.661) (1.670) (211.373) (94) Profit from disposal of assets 60.474 36.890 8.220 10.966 Taxes-duties brought forward (except income tax) (12.765) (85.125) - - Other expenses/Income brought forward (564.317) 270.646 (314.714) 46.668 TOTAL OTHER INCOME/(EXPENSES) (250.162) 126.766 - 122.041 (526.348)

GROUP COMPANY

Other operating income mainly concerns income from rendering of services to third parties as well as income from rentals.

Other income mainly comprises of deferred income from grants.

5.25 Earnings per share

Analysis of earnings per share of the Group and the Company is as follows:

Basic earnings per share

Amounts in Euro30/9/2008 30/9/2007 30/9/2008 30/9/2007

Profit attributable to equity holders of the Company

447.568 10.736.579 2.099.390 9.985.920

Weighted average number of ordinary shares

51.516.533 44.381.160 51.516.533 44.381.160

Basic earnings per share (€ per share)

0,0087 0,2419 0,0408 0,2250

GROUP COMPANY



31

Diluted earnings per share

Amounts in Euro30/9/2008 30/9/2007 30/9/2008 30/9/2007

Profit attributable to equity holders of the Company

- 10.947.118 - 10.196.456

Weighted average number of ordinary shares

- 45.632.847 - 45.632.847

Diluted earnings per share (€ per share)

- 0,2399 - 0,2234

GROUP COMPANY

Basic earnings per share are calculated by dividing the profit attributable to shareholders of the parent Company by the

weighted average number of ordinary shares in issue during the period.

The diluted earnings per share during the prior period related to the convertible bond loan which was issued on 12-7-2007,

although for the current period no such case has come into effect.

5.26 Contingent Assets, Contingent Liabilities and un-audited fiscal years by the tax authorities

Any claims or litigations to the national or arbitration courts are not expected to have a material effect on the financial

position or operation of the Group.

Information in respect of contingent assets and liabilities

The Company and the Group have contingent liabilities and assets in respect of Banks, other guarantees and other matters

arising in the ordinary course of business, as following:

Contingent liabilities of the Group for the period 01/01-30/09/2008 amounted to € 4.574.515 and for the Company to €

3.159.252. The contingent assets for the period 01/01-30/09/2008 amount to € 2.538.270 for the Group and to the amount of

€ 1.694.857 for the Company.

No significant charges are expected to occur as a result of the contingent liabilities. No additional payments are expected to

made, following the compilation of these financial statements.

Information in respect of unaudited by the tax authorities financial years

The un-audited, by the tax authorities, financial years for the group companies are as follows:



32

UNAUDITED YEARSGROUP COMPANIES OF "NIREUS AQUACULTURE AE"

NIREUS AQUACULTURE S.AHas been audited including

the Year 2007 (*)AQUACOM LTD ---ALPINO S.A 2007PROTEUS EQUIPMENT S.A 2005 -2007A-SEA 2003-2007ILKNAK SU URUNLERI SAN Ve TIC A.S. 2007CARBON DIS TICARET YATIRIM INSAAT VE SANAYI S.A. 2000-2007PREENGORDE DE DORADAS PARA MARICULTURA S.L. 1999-2007RED ANCHOR S.A 2006-2007KEGO AGRI S.A 1999-2007 (*)NIREUS INTERNATIONAL LTD 2006-2007MIRAMAR PROJECTS CO LTD - UK 2006-2007MIRAMAR SU URUNLERI VE BALIK YEMI URETIMI SANAYI VE TICARET A.S. 2006-2007

BLUEFIN TUNA S.A 2004- 2007MARINE FARMS ASA ---SEAFARM IONIAN S.A 2005 -2007SEAFARM IONIAN (CENTRAL EUROPE) GMBH 1999-2007AQUA TERRAIR S.A 1999-2007

(*) The company KEGO S.A has been audited until the year 2006. As a result both the segment which was merged by “ NIREUS AQUACULTURE S.A” and the segment which was spinned-off and included in “KEGO AGRI S.A” have been audited until 2006 inclusive.

5.27 Assets pledged as Security

1) The following mortgages have been registered for the fixed assets of the parent company “NIREUS AQUACULTURE

SA”:

(α) Mortgages of a first class, have been registered of an amount of € 10.000.000 in favour of the Greek State, to secure the

issuance of a loan an amount of € 25.000.000 from the Bank of Piraeus, the balance of which amounted as at 30/09/2008 to

€ 25.000.000,00.

(b) Mortgages of a first class, have been registered of an amount of € 15.000.000 in favour of the Commercial Bank, to

secure the bond loan of an amount of € 90.000.000, the balance of which amounted as at 30/09/2008 to € 84.512.416,64.

2) A mortgage on land and buildings and technical installations of the subsidiary company “ ALPINO S.A” of an amount of

€ 4.225.000 has been registered in favour of the ALPHA BANK to secure an equivalent amount of a bond loan, the balance

of which amounted as at 30/09/2008 to € 2.545.000. Additionally, on the same assets a second class mortgage has been

registered of an amount of € 6.240.000 in favour of the Commercial Bank to secure the bond loan of the parent company

“NIREUS AQUACULTURE S.A” of an amount of € 90.000.000, the balance of which as at 30/09/2008 amounted to €

84.512.416,64, which will be converted to a first class mortgage given that the abovementioned bond loan of € 4.225.000

will be repaid and ALPHA BANK will proceed in the remission of the previous mortgage.

3) The following mortgages have been registered on the land of the merged company “ KEGO S.A”:

(a) Mortgages have been registered of an amount of € 7.000.000 in favour of the Greek State, to secure the loan of KEGO

S.A obtained from the National Bank of Greece under the scope of favourable regulations for the fire victims.



33

(b) A pre-notice mortgage of an amount of € 264.123,25 in favour of EUROBANK

4. The following mortgages have been registered on the land of the consolidated subsidiary company “KEGO AGRI S.A”

(a) A registered pre-notice mortgage from the National Bank of Greece of an amount of € 1.100.000, to secure the long-term

loan, the balance of which as at 30/09/2008 amounted to € 324.000.

5. On the land of the consolidated subsidiary “SEAFARM IONIAN S.A”, the following mortgages have been registered:

(a) A pre-notice mortgage of an amount of € 200.000, to secure the loan from Attikis Bank S.A, the balance of which as at

30/09/2008 amounted to € 151.211,56.

(b) Pre-notice mortgages of an amount of € 100.000 and € 150.000 in favour of “AGROINVEST S.A”.

(c)A pre-notice mortgage of an amount of € 381.511,37 to secure a loan from the Bank of Cyprus, the balance of which

amounted as at 30/09/2008 to € 720.620,44.

(d) A pre-notice mortgage of an amount of € 296.404,98 to secure the loan from the National Bank of Greece, the balance of

which as at 30/09/2008 amounted to € 1.704.917,40.

(e) A pre-notice mortgage of an amount of € 450.000 in favour of the Company “PROTEINES ZOOTROFON -

IHTHIOTROFON LTD” (will be removed within the forthcoming days).

(f) A pre-notice mortgage in favour of the company “TH. & H. VLAHOS S.A.” of an amount of € 400.000 (the pre-notice

mortgage has been removed following the Court decision, it has not though yet been transferred to the Mortgages Registry)

(g) Pre-notice mortgages of an amount of € 3.283.364,38 to secure the loan from the National Bank of Greece, the balance

of which as at 30/09/2008 amounted to € 411.243,51. It should be mentioned that the referred to balance will be paid in 15

years (from 2005) in 25 equivalent nine month interest and capital instalments of an amount of € 16.449,74 each, based on

the regulation of article 44 by which the company has guaranteed the payment of the abovementioned amount.

There are no other events following the end of the interim period which ended 30 September 2008 which relate to the Group

or to the company and which will require reference to in accordance with the International Financial Reporting Standards.

5.28 Related parties

Related party transactions The amounts of the purchases and the sales of the company, cumulatively from the beginning of the current period as well as

the balance of receivables and payables of the company that have arisen from the transactions with related parties at the end

of the current period are as follows:



34

Sales of goods and services30/9/2008 30/9/2007 30/9/2008 30/9/2007

Subsidiaries - - 28.100.563 22.167.989 Associates 99.567 80.034 99.567 55.500

Total 99.567 80.034 28.200.129 22.223.489

Other income30/9/2008 30/9/2007 30/9/2008 30/9/2007

Subsidiaries - - 18.268 50.866

Associates - 65.080 44.400

Total 0 65.080 18.268 95.266

Purchases of goods and services30/9/2008 30/9/2007 30/9/2008 30/9/2007

Subsidiaries 43.006.620 24.347.132 Associates 99.567 144.834 - 280 Directors and key management 154.688 133.435 154.688 133.435 Total 254.254 278.269 43.161.308 24.480.847

Fees to Directors and compensation30/9/2008 30/9/2007 30/9/2008 30/9/2007

Directors and key management 2.450.737 3.527.405 1.314.732 2.252.673 Total 2.450.737 3.527.405 1.314.732 2.252.673

Year-end balances arising from Fees to Directors and compensation

30/9/2008 30/9/2007 30/9/2008 30/9/2007Directors and key management 154.396 214.517 116.362 177.715 Total 154.396 214.517 116.362 177.715

Year-end balances arising from purchases of goods and services

30/9/2008 30/9/2007 30/9/2008 30/9/2007Directors and key management 18.563 39.500 18.563 39.500 Total 18.563 39.500 18.563 39.500

Receivables30/9/2008 30/9/2007 30/9/2008 30/9/2007

Subsidiaries - - 35.168.131 21.680.246 Associates - 24.265 41.237 23.960

Total 0 24.265 35.209.368 21.704.205

Payables30/9/2008 30/9/2007 30/9/2008 30/9/2007

Subsidiaries - - 19.354.045 5.995.503 Total 0 0 19.354.045 5.995.503

GROUP COMPANY

GROUP COMPANY

GROUP COMPANY

GROUP COMPANY

GROUP COMPANY

GROUP COMPANY

GROUP COMPANY

GROUP COMPANY



35

Transactions with major Directors

Transactions and compensation to Directors and key managementAmounts in Euro 30/9/2008 30/9/2007 30/9/2008 30/9/2007Salaries, employment benefits and other compensation to Directors 728.915 594.607 728.915 594.607Salaries and other employment benefits to key management 1.296.416 1.710.434 673.427 1.184.424Compensation to Directors approved by A.G.M. 550.094 550.799 67.077 67.077Directors’ withdrawals from year’s profits approved by A.G.M. 30.000 805.000 0 540.000

2.605.425 3.660.840 1.469.419 2.386.108

Receivables from Directors and key managementAmounts in Euro 30/9/2008 30/9/2007 30/9/2008 30/9/2007Receivables from loans advanced - - - -Other receivables - - - -

0 0 0 0

Payables to Directors and key managementAmounts in Euro 30/9/2008 30/9/2007 30/9/2008 30/9/2007Payables for loan repayments 0 0 0 0Payables for salaries, employment benefits and other compensation 80.080 111.035 65.945 103.233Payables for Directors compensation approved by A.G.M. 66.209 66.311 42.309 37.311Payables for Directors withdrawals from year’s profits approved by A.G.M. 26.670 76.670 26.670 76.670

172.959 254.016 134.924 217.214

GROUP

GROUP COMPANY

GROUP COMPANY

COMPANY

5.29 Number of employed personnel

The number of employed personnel on September 30, 2008 amounted to 1.001 (merged segment: 68) for the Company, and

1.981 for the Group (for the Company: 1.001, for the Subsidiaries: 398, for the Associates 582) while on September 30, 2007

this amounted to 970 for the Company and 1.902 for the Group (for the Company: 970 Subsidiaries: 448 and Associates: 484

respectively).

5.30 Subsequent events

A) The company “NIREUS AQUACULTURE S.A” purchased 98.662 ordinary shares of the company SEAFARM

IONIAN increasing its percentage shareholding by 0,3047%.

B) In relation to the application submitted by the company Hellenic Fishfarming S.A (ELIXTH) , regarding the company’s

inclusion in article 99 of L. 3588/2007 (protection of debtors), the total liability of Hellenic Fishfarming S.A towards

“NIREUS AQUACULTURE S.A” amounts to € 574.560. This amount can be settled through a service contract which is in

place and through which “NIREUS AQUACULTURE S.A” utilizes the packaging unit of Hellenic Fishfarming S.A, for its

own products and for this reason no provision has been established.

C) On 1-10-2008 the company entered into an interest rate swap agreement with a three year contract period commencing

from 6-10-2008 to 6-10-2011 for an amount of capital € 25.000.000 with the Commercial Bank of Greece, for the purpose

of hedging its interest rate and thus part of its loan borrowing liabilities.



36

D) The implementation of the third annual series of the company’s stock option plan is suspended for a maximum period of

up to one year due to the current market price of the stock. The plan has been approved by the General Assembly held on

5/6/2006 and its terms have been decided upon by the Board of Directors on 31/10/2006. The Company’s Board of directors

reserves the right to re-activate the plan under the condition that the circumstances permit so.

E) The price conversion and the conversion ratio of the convertible bond loan which was issued on 12.07.2007 have been

adjusted. The adjustment, which aims at maintaining the rights of the bondholders has been made due to that the share capital of

“NIREUS AQUACULTURE S.A” has increased as a result of the merger of KEGO S.A. The new conversion prices are valid

from 10.11.2008 and according to the issuance terms of the loan are the following: Conversion price: € 4,5057 (from € 4,68129)

Conversion ratio: One convertible debenture will be converted to 2,16834 common with voting rights shares of a nominal value

of € 1,34 (from 2,08703 shares previously converted).

F) Τhe share capital of the company has increased by an amount of € 111.982,46 as at 13.11.2008 as a result of the conversion of

38.551 of the company’s debentures to shares. The amount of the above increase in share capital is equal to the total of the

nominal value of the new shares which will be issued, namely 83.569 new shares for the satisfaction of the above exercised

rights. The amount of 102,67 which relates to rounding differences will be returned to the bondholders and the remaining paid

amount which totals € 264.557,87 will be charged to the Share premium account. This will result in the share capital to amount

to € 85.035.344,08 divided into 63.459.212 shares of a nominal value of € 1,34.

There are no other events following the end of the interim period which ended 30 September 2008 which relate to the Group

or to the company and which will require reference to in accordance with the International Financial Reporting Standards.

Koropi, November 24, 2008

PRESIDENT AND MANAGING DIRECTOR

VICE PRESIDENT AND MANAGING DIRECTOR

GROUP CHIEF FINANCIAL OFFICER

ACCOUNTING MANAGER

ARISTIDIS ST. BELLES HAVIARAS EMM. NIKOLAOS PAPANIKOLAOU H. DIMITRIOS KONSTANTOPOULOS G. IOANNISI.D. No: AB 347823 I.D. No: ΑΑ 499020 I.D. No: S 260153 I.D. No: ΑΒ 264939

nireus aquaculture sa site/oikon.katast/notes 9m 2008 en.pdfintangible assets 5.12...

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